Ulster Bank introducing transaction charges

Monife

I thought doing it myself would be a major pain but it was grand. Only had 3 DDs, just phoned them with the new bank details. Set up the SOs myself online and added new details to PayPal. Sorted!

KOKOKOKOKO

If don't use cash withdrawals Paysera is an alternative - 0.45/monthly; no transaction fees for shopping

padyjoe

The situation at the moment:

stay with UB= the more usage the more you pay

get PTSB Explore= €4 monthly but reduced by 10c every time the card used, no other costs (contactless, app availability)

get ESB MM= free daily banking with scaled back options.

Am I right with these? Going through fees and charges I see nothing else and wanted make sure of not missing some important aspect.

Fishy1

Would the KBC Extra account be an option for you? That’s who we’ve switched to. So far so good.

Monife

Fishy1 wrote: »

Would the KBC Extra account be an option for you? That’s who we’ve switched to. So far so good.

Yeah me too. Free banking and no monthly maintenance charge. Just have to lodge I think €2,500 a month but don't need to maintain that balance.

padyjoe

Yes, I have that already. I want to keep over-the-counter option open too. KBC don't do that.

van_beano

padyjoe wrote: »

Yes, I have that already. I want to keep over-the-counter option open too. KBC don't do that.

Use a Credit Union as your over the counter option. Free banking with them and you can always transfer money to and from the KBC account with them.

Nigel Fairservice

van_beano wrote: »

Use a Credit Union as your over the counter option. Free banking with them and you can always transfer money to and from the KBC account with them.

The credit union is very handy now the accounts have IBANS and mobile apps. Haven't had to set foot in the door of the credit union since I reopened my account with them 2 years ago.

Monife

padyjoe wrote: »

Yes, I have that already. I want to keep over-the-counter option open too. KBC don't do that.

Do you mean in-branch services? They have hubs.

SSr0

Monife wrote: »

Yeah me too. Free banking and no monthly maintenance charge. Just have to lodge I think €2,500 a month but don't need to maintain that balance.

Does it have to be yourself who lodges the money, or would your monthly salary count?

Wheety

SSr0 wrote: »

Does it have to be yourself who lodges the money, or would your monthly salary count?

Any money going in, so yeah, your salary could cover it.

TallGlass

Just a reminder folks, completing the switch to KBC still, then will shut it down.

These charges come into effect this coming Friday the 19th BTW, just a reminder.

TallGlass

https://www.independent.ie/business/new-ulster-bank-fees-mean-it-wont-be-a-good-friday-for-some-38028516.html


Loved this part

Ulster Bank has defended the new fee structure, saying the changes would make things more transparent for customers and would bring the bank closer in line with the rest of the market, as other main banks already charged transaction fees.

Basically, other banks are doing it so to avoid any sort of competition we will do so too. Also, how much more transparent can you get than a flat fee of 4€ per month as it is now. These TX charges are going to make it more complicated if anything!

Ten Pin

Similar tone from PTSB...

Addressing the Joint Oireachtas Committee on Finance, Jeremy Masding said the old current accounts are not economically viable and are "out of kilter" with the wider market and the changes address this issue.
"In this context, the evolving, and ongoing, changes to the bank's customer offering is reflective of the fact that the banking world is changing," he said.
"In particular, both customers' and regulators' needs are changing, and we have to change with them. That's going to require constant and dynamic changes to all dimensions of the Bank's proposition," he stated.

https://www.rte.ie/news/business/2019/0409/1041640-permanent-tsb-before-finance-committee/

Wheety

I haven't closed min yet. There's €4 sitting in it for when I do but I want to download all my statements for the last couple of years first.

If I don't get around to it until next week, will I have to stick another €2 in? Presume there's no charge for transferring that in from another bank account?

TallGlass

Wheety wrote: »

I haven't closed min yet. There's €4 sitting in it for when I do but I want to download all my statements for the last couple of years first.

If I don't get around to it until next week, will I have to stick another €2 in? Presume there's no charge for transferring that in from another bank account?

Yes. You'll be charged if still open. And yes you'll be charged for lodgement into account.

Wheety

TallGlass wrote: »

Yes. You'll be charged if still open. And yes you'll be charged for lodgement into account.

Seems to be only if you use Ulsterbank systems to transfer money in? I'd be transferring from N26.

Payments and transfers into your account via branch, Mobile Banking, Anytime Internet and Telephone Banking

TallGlass

I'm taking it to mean anything coming into your account basically.


Automated



Direct Debits
Standing Orders
Payments and transfers into your account via branch, Mobile Banking, Anytime Internet and Telephone Banking Credit transfers via branch, Mobile Banking, Anytime Internet and Telephone Banking.



€0.20

TallGlass

Glad to hear Ulster Bank getting bad publicity on radio.

Also they are completely spoofing when they say it brings them inline with other banks.

AIB's fees

Account Maintenance Fee 4.50 per 3 months vs UB at 6€

Contactless is free with AIB vs 1c with UB

Fees won't apply if 2500 in account vs UB at 3000.

I will leave you to check the others and other banks.

TallGlass

Also, what I have learnt from this experience.

Will try keep bills coming out of a 'movement' bank account, like Revolut payments for Netflix etc.. via this account. Salary payment into KBC and savings there.

Any messing around, and I will be gone from KBC in a flash and quite easily.

CUs have a good selection of products on offer, so I expect good things are in progress over the next few years.

So basically, don't put all your eggs in one basket and don't expect any loyalty from a bank you've stuck with, even after two gigantic IT meltdowns.

van_beano

Right, for those who have left UB over the last month and a half, how are we gonna spend the €2 we’ve saved today? I’m putting mine towards a spice bag

Monife

van_beano wrote: »

Right, for those who have left UB over the last month and a half, how are we gonna spend the €2 we’ve saved today? I’m putting mine towards a spice bag

It's more than €2 if you can't maintain that balance! I would have been screwed, I use my card for everything and transfer money online regularly.

RHJ

Unfortunately, I'm stuck with Ulster Bank for a little while longer what's the best way for me to minimise the amount of charges. I have a Credit Union account for savings, and I use revolut.

JTMan

If you keep 3,000 EUR in your account each and every day then you will not be charged transaction fees but will be charged maintenance fees.
If you cannot do this, then you could do one large transfer a month to Revolut and use Revolut for all your day to day transactions.

scamalert

JTMan wrote: »

If you keep 3,000 EUR in your account each and every day then you will not be charged transaction fees but will be charged maintenance fees.
If you cannot do this, then you could do one large transfer a month to Revolut and use Revolut for all your day to day transactions.

true and its same with all banks if you have over 3k you dont get that massive charge, on BOI i get hit with 5 to 15e every 3 months depending on card usage which is a lot.

JTMan

scamalert wrote: »

true and its same with all banks if you have over 3k you dont get that massive charge

Different rules with different banks. EBS, Revolut, N26, PTSB and KBC have no minimum balance requirements but, in some cases, have other conditions.

Nigel Fairservice

I had a good more than 3k in a Ulster Bank savings account but that wasn't enough to qualify for free fees (outside the usual maintenance charge). I would have had to transfer 3k from my savings account to my current account to qualify for free fees. Seems arbitrary making customers shift money around between accounts within the same bank to qualify for free banking. Why does it matter to Ulster Bank what account the money was in as long as it was an Ulster Bank account?

JTMan

It matters to Ulster Bank because they pay zero interest on a current account so more profit for them off you keeping the money in a zero rated account.

Nigel Fairservice

I was getting very little interest with the savings account I had. I think UB were making more loaning out my savings than what I saw the benefit of. Took all my savings with me to KBC.

van_beano

Never understood why they also insisted on having the €3k in a frontline account that could have been susceptible to fraud. I made this point known to their customer service on one of my many rants to them over the years.